Dubai Company Invests $9B in the Maldives to Build a Crypto Hub
Dubai-based investment company MBS Global is investing $8.8 billion in the Maldives to build a crypto hub in the capital, Malé.
MBS Global Investments partners with the Maldives government to build a large-scale blockchain and digital assets hub in Malé, the tropical country’s capital.
The Maldives Financial Center aims to be a blockchain-powered free zone built for fintech companies, global institutions, and digital nomads.
It will cover around 830,000 sq m, with a capacity to host 6,500 people and provide employment for 16,000.
The project includes:
- hotels,
- residential towers,
- offices,
- conference spaces.
It will be governed by the Maldives International Financial Services Authority (MIFSA) and offer corporate tax advantages, permissible foreign ownership, and other benefits.
A press release from the President’s Office of Maldives states that President Dr. Mohamed Muizzu met with Nayef bin Eid Al Thani, president of MBS Global, and Qatari royal Sheikh. They discussed the diplomatic relations between the Maldives and Qatar, as well as collaboration on the Maldives International Financial Centre.
On his X account, President Dr. Mohamed Muizzu referred to the Maldives International Financial Centre as a national commitment. He emphasized that this initiative is aimed at diversifying the economy beyond traditional sectors and positioning the country as a leader in financial transformation.
Maldives' crypto and blockchain hub is expected to be completed by 2030, with plans to boost the country’s Gross Domestic Product (GDP). According to the Financial Times, MBS Global's investment surpasses the Maldives' annual GDP of around $7 billion, with tourism and fisheries being the main sources of income.
Maldives' Finance Minister, Moosa Zameer, told the Financial Times that the government views the project as a solution to address national debt and economic challenges.
The International Monetary Fund (IMF) previously reported that the Maldives faces a high risk of external and overall debt distress. The IMF also noted that the country needs policy changes to address these challenges.
According to recent government announcements, digital technologies now play a significant role in the country's policy. In one of his latest posts, President Mohamed Muizzu introduced “Maldives 2.0” as the vision for a digital-first future.
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